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  "documentTitle": "Trian Partners | Activist Presentation Deck | 94 slides",
  "authorId": "trian-partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-09-01 00:00:00",
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  "pageNumber": 36,
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  "nDataPoints": 6,
  "notes": "The slide uses a '3x larger than peers' annotation to emphasize scale advantage vs margin disadvantage.",
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      "kind": "callout",
      "text": "Implied Operating Profit Opportunity: Achieve Peer Margin: $1.5bn; Achieve Top Third: $4.1bn",
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      "text": "International Operating Margins vs. Peers",
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      "text": "International Sales ($ in billions)",
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      "text": "P&G's international margins are meaningfully lower than peer averages despite scale advantage. We believe this may be indicative of the downside of a highly matrixed and globally-led GBU structure. Unilever, P&G's largest peer internationally, currently has a 15% international operating margin despite a higher mix of low margin commoditized businesses, and is targeting ~360bps of margin improvement across the business by 2020",
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      "kind": "source-note",
      "text": "Source: SEC filings. (1) Peer international margins are as comparable as disclosure allows... (2) P&G's international margin is calculated as company disclosed international pre-tax income...",
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      "kind": "title",
      "text": "We Believe Current Structure Has Led to Near Worst-In-Class International Margins",
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      "evidence": "Comparing P&G performance metrics against peer averages to identify a performance gap.",
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